1. China volatility: The yuan is having a very rough July.

The Chinese currency dropped to its lowest level against the US dollar in nearly a year on Tuesday, before staging a recovery that wiped away its losses for the day.

Investors have two big worries: China’s economy appears to be stumbling, and trade tensions between Beijing and Washington continue to escalate.

The Trump administration moved Monday to block state-owned Chinese wireless carrier China Mobile(CHL) from linking up with the US market, citing national security concerns. On Friday, the United States will level tariffs on about $50 billion worth of Chinese imports.

2. Glencore tumbles: Shares in Glencore(GLCNF) dropped 10.5% after the mining and commodities company said it had received a subpoena from the US Department of Justice.

US authorities are seeking documents related to compliance with money laundering and anti-corruption laws, according to Glencore. The requested documents relate to its operations in Nigeria, the Democratic Republic of Congo and Venezuela.

That’s a sharp increase from the 12.2% rate posted in May, and three times the central bank’s target of 5%. Stocks opened flat in Istanbul.

A growing number of emerging markets are coming under pressure over fears that a trade war could hurt global economic growth. Moody’s warned last week that Turkey is among the countries most vulnerable to a stronger dollar.

Tuesday — American automakers report June sales; US markets close earlyWednesday — US markets are closed for Independence DayThursday — US Federal Reserve reports its Board of Governors meeting minutesFriday — US jobs report; tariffs on the first $34 billion of Chinese goods go into effect